Bye-bye Britain? Six fund firms' drastic Brexit action

Backing away from Brexit

The UK’s vote on its European Union membership was two years ago, but the topic is far from finished with. With huge questions still lingering over what shape a final deal will eventually take, asset managers have not been slow in assessing their options. Here we showcase six fund firms which have already strengthened their operations elsewhere, as uncertainty looms over the UK’s long-term potential as a home for cross-border asset managers.

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European equity specialist Eric Bendahan moved his entire operation, Eleva Capital, from its London base to Paris last summer with Brexit cited as a key concern. The Citywire AA-rated manager moved the bulk of his 15-strong staff across The Channel to capture greater – and more certain – growth opportunities in the French market, it is understood.

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Having been one of the first firms to announce plans to bolster ex-UK operations, M&G Investments has not sat still over the past two years. The investment house has shifted huge swathes of assets from UK-domiciled OEICs into Sicav products, which are now run through its Luxembourg-domiciled operations.

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As quick off the mark as M&G, Columbia Threadneedle was keen to assert its presence in Luxembourg in the immediate aftermath of the 2016 vote. In March of this year it moved around €7 billion worth of client assets out of its OEIC range and into its Luxembourg Sicav, in a move which impacted 20 funds.

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Morgan Stanley IM

Among the latest to look elsewhere, Morgan Stanley announced it would be relocating its European investment management arm to Dublin on 14 June. The move comes amid plans to move around 500 jobs away from London and into the broader European Union.

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Legal & General Investment Management was also among the firms to look to Ireland to further establish its European reach. The company formed a Ucits and Alternative Investment Funds business in May, which was part of plans to increase its cross-border funds capabilities.

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While not moving as fast as M&G and Columbia Threadneedle, Aberdeen Standard Investments already had existing operations in Luxembourg but has bolstered its Irish units in a bid to further its footing among European investors. This team will interact directly with European clients and is designed to complement the Luxembourg offering.

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Backing away from Brexit

The UK’s vote on its European Union membership was two years ago, but the topic is far from finished with. With huge questions still lingering over what shape a final deal will eventually take, asset managers have not been slow in assessing their options. Here we showcase six fund firms which have already strengthened their operations elsewhere, as uncertainty looms over the UK’s long-term potential as a home for cross-border asset managers.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Backing away from Brexit

The UK’s vote on its European Union membership was two years ago, but the topic is far from finished with. With huge questions still lingering over what shape a final deal will eventually take, asset managers have not been slow in assessing their options. Here we showcase six fund firms which have already strengthened their operations elsewhere, as uncertainty looms over the UK’s long-term potential as a home for cross-border asset managers.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

European equity specialist Eric Bendahan moved his entire operation, Eleva Capital, from its London base to Paris last summer with Brexit cited as a key concern. The Citywire AA-rated manager moved the bulk of his 15-strong staff across The Channel to capture greater – and more certain – growth opportunities in the French market, it is understood.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Having been one of the first firms to announce plans to bolster ex-UK operations, M&G Investments has not sat still over the past two years. The investment house has shifted huge swathes of assets from UK-domiciled OEICs into Sicav products, which are now run through its Luxembourg-domiciled operations.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

As quick off the mark as M&G, Columbia Threadneedle was keen to assert its presence in Luxembourg in the immediate aftermath of the 2016 vote. In March of this year it moved around €7 billion worth of client assets out of its OEIC range and into its Luxembourg Sicav, in a move which impacted 20 funds.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Morgan Stanley IM

Among the latest to look elsewhere, Morgan Stanley announced it would be relocating its European investment management arm to Dublin on 14 June. The move comes amid plans to move around 500 jobs away from London and into the broader European Union.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Legal & General Investment Management was also among the firms to look to Ireland to further establish its European reach. The company formed a Ucits and Alternative Investment Funds business in May, which was part of plans to increase its cross-border funds capabilities.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

While not moving as fast as M&G and Columbia Threadneedle, Aberdeen Standard Investments already had existing operations in Luxembourg but has bolstered its Irish units in a bid to further its footing among European investors. This team will interact directly with European clients and is designed to complement the Luxembourg offering.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

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